RealtyTrac Says U.S. Foreclosures Rose 5% in October

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Foreclosure activity in the United States is not relenting, according to RealtyTrac's latest survey for October, which suggests filings rose 5% in October and 25% from 12 months ago.

"We've seen sharp declines in new foreclosure filings after legislation mandating delays to the foreclosure process was signed into law in several states - most notably in California, where overall foreclosure activity was down by double-digit percentage points for the second straight month in October, and where default filings were 44 percent below October 2007 levels," said James J. Saccacio, chief executive officer of RealtyTrac.

"Despite this, October marks the 34th consecutive month where U.S. foreclosure activity has increased compared to the prior year."

The report suggests that foreclosure rates were highest in Nevada (1 in 74 homes) followed by Arizona (1 in 149 homes) and Florida (1 in every 157 homes).

By Erik Kevin Franco and edited by Stephen Huebl
©CEP News Ltd. 2008